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    SIKKIM URJA LTD

    Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection

    The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.

    Greenko Energies gets CCI nod to acquire additional stake in Sikkim Urja

    CCI approved Greenko Energies' additional stake acquisition in Sikkim Urja Ltd, a special purpose vehicle for a 1,200 MW hydropower project in North Sikkim. The acquisition was part of promoting fair competition in the marketplace.

    Insurers hike premiums for public infra assets by up to 25% in aftermath of Sikkim cloudburst

    State-owned hydel unit Sikkim Urja lodged an insurance claim of ₹500 crore after unseasonal rains early in October caused the banks of the glacial South Lhonak Lake to breach, with a wall of water battering public infrastructure assets and drowning homes across a large swathe of urban Sikkim and the hilly reaches of West Bengal.

    High-level committee to examine Teesta Stage III dam breach: Sikkim CM

    The Sikkim government has formed a high-level committee to investigate the Teesta Stage III dam breach that occurred on October 4. The committee, consisting of technical, financial, and subject experts, will examine the allotment process of the 1,200 MW project and assess the credibility, genuineness, technical know-how, and financial solvency of the consortium responsible for building the dam.

    Flood-hit Sikkim Urja looks to claim ₹11,400 cr cover

    The total sum assured in the policy is ₹11,400 crore. However, there is a cap of ₹500 crore on payouts for certain natural calamities. Therefore, the extent of the claim settlement could be lower. While the estimated loss resulting from the recent incident is yet to be determined, the company is seeking claims for the entire loss under the insurance policy, said a person with knowledge of the matter.

    Over 3,000 tourists stranded in Lachen, Lachung in Sikkim

    More than 3,000 tourists are stranded in Lachen and Lachung in Sikkim due to flash floods, but officials have stated that they are safe. Rescue operations have been hindered by bad weather and damaged roads. An alternative route is being opened for rescue teams to reach the affected areas. The India Meteorological Department has forecast more rain in the district over the next five days.

    The Economic Times
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